Fortinet (NASDAQ:FTNT) Price Target Raised to $114.00

Fortinet (NASDAQ:FTNT) had its price objective upped by The Goldman Sachs Group from $100.00 to $114.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other research analysts also recently issued reports about the stock. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler lifted their price target on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Scotiabank upped their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $93.71.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.75 on Thursday. Fortinet has a 52 week low of $54.57 and a 52 week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $72.62 billion, a P/E ratio of 47.85, a P/E/G ratio of 2.77 and a beta of 1.00. The business’s 50 day moving average price is $92.57 and its 200 day moving average price is $77.60.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 in the last three months. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently modified their holdings of FTNT. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank lifted its stake in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new position in Fortinet in the third quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.